US ISM Services PMI rose to 66.7 in October, up from 61.9, well above expectation of 62.0. Business activity/production rose from 62.3 to 69.8. New orders rose from 63.5 to 69.7. Employment dropped from 53.0 to 51.6. Supplier delivers rose from 68.8 to 75.5. Prices rose from 77.5 to 82.9.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for October (66.7 percent) corresponds to a 6.1-percent increase in real gross domestic product (GDP) on an annualized basis.”
